Smart City Market Overview:
The detailed report published by Market Research Future (MRFR) about the global smart city Size, states that the market is estimated to rise at a significant CAGR over the assessment period (2016-2022) and record an exponential market valuation of 1933 billion by the end of 2022.
The market for smart cities is poised to expand substantially, fueled by the growing urbanization and rising deployment of the Internet of Things (IoT), and the increasing implementation of advanced technologies, including big data analytics and artificial intelligence (AI) for data management. The rising government initiatives towards the development of smart cities, coupled with the consumer need for enhanced quality of life, are also fueling the demand for smart cities. The shifting focus of government authorities towards energy saving and sustainable living are also estimated to drive the Global Smart City Market over the assessment period.
On the flip side, since smart cities would be reliant on connected technologies, it makes them susceptive to security and privacy breaches. This is one of the primary limitations of market growth over the review period. Furthermore, the lack of telecommunication and connectivity infrastructure, especially in developing countries, coupled with increased capital investment, is also touted to hamper the market growth in the forecast period.
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Smart City Market Competitive Analysis:
The key players in global smart city share include Oracle Corporation (U.S.), Huawei Technologies Co Ltd. (China), IBM Corporation (U.S.), AT&T Inc. (U.S), Siemens AG (Germany), Cisco Systems, Inc. (U.S.), Microsoft Corporation (U.S), among others.
Smart City Market Segmental Analysis:
The global smart city market has been analyzed on the basis of components and applications.
The components segmentation of the smart city market consists of software, hardware, and service. The hardware segment accounts for a significant market share and is slated to grow at a considerable CAGR of nearly 30.65% over the review period. The services segment is also expected to reach a substantial market share by 2022.
The application segmentation of the global smart city trends is segmented into utility, government, transport, residential, healthcare, education, and others. The transport segment is poised to acquire the maximum market share and is anticipated to expand at a CAGR of about 30.34% by the end of the forecast period.
Global Smart City Market Regional Analysis:
The geographical analysis of the global smart city market has been conducted in four major regions, namely, the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
North America is accounted for the largest regional market for smart city solutions. This is attributed to the early adoption of advanced technologies such as artificial intelligence, big data analytics, and the internet of things. North America is estimated to acquire the largest market share over the assessment period. The presence of noteworthy market players in a higher concentration, along with the availability of adequate capital investments, is also projected to fuel market growth over the review period. The developed economies such as the US and Canada are the significant contributors towards the market share over the forecast period.
North America is closely followed by Europe due to rapid development, and advanced technology integration is taking place. Additionally, the presence of efficient network connectivity and proper infrastructure are anticipated to contribute to the regional market share over the assessment period. The presence of stable economic dynamics in technologically advanced countries such as France, Germany, Denmark, the UK, and the Netherlands, is also expected to drive the global market for smart city solutions by the end of the assessment period.
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